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International Journal of Law and Management: Enabling beneficial right for sovereign sukūk issuance in Indonesia: challenges and analysis
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Abstract
Purpose – This study aims to investigate beneficial right as a new legal concept and term accepted by the
Indonesian legal system. The new concept was ratified to endorse government decision to use
sukūk (as an
Islamic financial instrument) in the financing of state budget deficit. Some legal issues emerged after the
ratification such as the necessity to synchronize the beneficial right with other property rights in Indonesia
and the disharmony between laws related to sovereign
sukūk issuance.
Design/methodology/approach – The study uses a qualitative method with library study and
interviews with relevant legal experts in Indonesia as the data collection techniques.
Findings – The findings show that the passage of Sovereign
Sukūk Law 2008 that ratified beneficial right
deemed as a concession point by the government to solve conflicts between legal restriction and employment
of state-owned assets as the underlying asset of sovereign
sukūk. The study deemed the necessity to improve
the use of beneficial right in the Indonesian legal system which by the concept is not exercised for the issuance
of sovereign
sukūk only. There is the need to harmonize the administration of this right with other property
rights in Indonesia.
Research limitations/implications – The scope of study will be limited to the Indonesian regulation
related to the use of beneficial right concept in the issuance of sovereign
sukūk in Indonesia. The regulation as
mentioned will be in the form of statutes, presidential or ministerial regulations, and also opinions of
Indonesian legal and sharīʿah scholars regarding the matter.
Originality/value – This study may explore significantly the use of beneficial right for the issuance of
sovereign
sukūk by the Government of Indonesia. Specifically, the study reveals and addresses the issues that
are following the ratification of beneficial rights originated from the common law system into the Indonesian
civil law system.
Rio Erismen Armen - Personal Name
Engku Rabiah Adawiah Engku Ali - Personal Name
Gemala Dewi - Personal Name
Engku Rabiah Adawiah Engku Ali - Personal Name
Gemala Dewi - Personal Name
NONE
Text
ENGLISH
EMERALD INSIGHT
2023
ENGLAND
JURNAL ILMU HUKUM
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APA Citation
Rio Erismen Armen. (2023).International Journal of Law and Management:
Enabling beneficial right for
sovereign
sukūk issuance in
Indonesia: challenges and analysis.(Electronic Thesis or Dissertation). Retrieved from https://localhost/etd